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Wednesday, 17 June 20
MARKET INSIGHT - INTERMODAL
 After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the developments regarding the pandemic outbreak and geopolitical tensions to the challenges that the sector is now facing. The considerable slowdown in momentum is evident on rates across the board, with expectations for the remainder of the year being gloomy so far.
During the past months, the steep drop in oil products demand caused by COVID-19 had been overshadowed by the developments on oil supply and prices. When Russia and Saudi Arabia, two of the biggest oil producing countries, engaged in a price war back in April, they flooded the market with millions of extra barrels each day, pushing prices to unprecedented lows. At the same time, demand was collapsing. Contango markets were shaped and encouraged traders to buy and store oil on shore and on vessels like never before. Tonnage availability was tight and freight rates climbed to record levels. Indicatively, VLCC earnings reached as much as USD 280,000 per day during April, whereas the ‘clean’ products trade of LR2 and LR1 ships reached about USD 170,000 per day and USD 115,000 per day respectively.
However, since then, the market woke up to reality of poor demand for products globally, while at the same time the contango play is no longer attractive with oil prices having moved up to much healthier levels. More and more vessels used as storage are now entering the market, when at the same time refineries around the world are cutting production in order to adjust to poor demand. The effects on the freight market are already evident. At the time of this writing, VLCCs are earning USD 40-50,000 per day, LR2s about USD 20,000 per day and LR1s as low as USD 10,000 per day.
Taking into account that oil products account for about 60% of the transportation demand and that many parts of the world are still under lockdown and face travel restrictions, the outlook for the rest of the year is rather challenging. The Energy Information Administration (EIA) estimates that global oil demand will be about 8m bpd lower in 2020 than last year. Major products’ demand such as gasoline and jet fuel are down about 17% and 60% respectively since the beginning of the year and the recovery appears to be slow. In shipping terms, this would be more than 6% decrease in demand for product tankers this year, while the fleet growth in the sector is expected to be about 0.7%.
It seems that for as long as the economic impact from the pandemic keeps unravelling, global demand will remain restricted and uncertainty will keep prevailing in the tanker market, adding more pressure to freight rates as a result.
By Stelios Kollintzas
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
Wednesday, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- White Energy Company Limited
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
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